KUALA LUMPUR, Aug 12 (Bernama) -- Hong Kong-based global power equipment and floorcare company Techtronic Industries Co Ltd (TTI or the Group) has announced its results for the six months ended June 30.
The Group delivered extraordinary results for the first half of 2021, growing sales by 52.0 per cent to US$6.4 billion, according to a statement. (US$1 = RM4.237)
In addition, gross margin improved for the 13th consecutive first half to 38.6 per cent, and the growth in EBIT, net profit, and earnings per share all outpaced sales growth.
EBIT increased 57.4 per cent to US$572 million, net profit rose 57.9 per cent to US$524 million, and earnings per share increased 57.8 per cent to approximately US28.62 cents per share.
Chairman of TTI, Horst Pudwill said: “At TTI, we have built an exceptional world-class team and we would like to recognise our outstanding global organisation for delivering strong results. We are proud of the bold, strategic decisions we have made over the past 18 months to position ourselves for a strong second half of 2021.”
Meanwhile, Chief Executive Officer of TTI, Joseph Galli said: “TTI’s first half results clearly demonstrate our leadership position, our momentum, and our future potential. Our high-speed new product machine allows us to expand the market and capture market share, while we continue to improve gross margin to record levels.”
The Group continues to strategically build inventory to support its exceptional above market growth, to serve its customers with consistently high service levels, and insulate the company from potential critical component shortages.
The TTI Power Equipment segment delivered sales growth of 55.3 per cent to US$5.8 billion. All geographies and business units contributed to this stellar performance in the first half of 2021.
In addition, the flagship Milwaukee business delivered an astounding 64.1 per cent growth globally. RYOBI performed exceptionally well across all brands with solid double-digit growth in all categories and geographies.
More details at www.ttigroup.com.
-- BERNAMA
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